No-one lives forever – Secure the Future
More and more Zimbabweans are investing in funeral insurance. People don’t want to leave the burden of raising funds for their funerals on their loved ones. But often times even after they have planned for funeral, they have left a burden on their loved ones because they did not plan for their estate.
Estate planning is the process of legally shaping the future disposition of existing and anticipated assets in the event of incapacitation or death. This includes but is not limited to creating a will, establishing a guardian for minors and designating an executor of the will.
The law in Zimbabwe allows for equal property and inheritance rights for both men and women. But one hurdle women face is that the property is often registered in the husband’s name. Therefore, when the husband deceases they have to prove their marriage which can be a challenge in the face of in-laws who seek to acquire the assets.
Many of us know of cases in which children’s lives were negatively impacted when their parents deceased. Sometimes it is because the children no longer have anyone to fend for them, but often it is simply because their parents didn’t plan their future in the event of their death. Relatives often times claim the assets. Furthermore, a guardian for the children might be designated by relatives who might not have been the choice of the deceased parents.
Some of the misconceptions about estate planning is that it is for the affluent. This is false because most people own assets such as property and cars. Secondly, people say only older people should have an estate plan because they are close to their death. This is very deceiving as none of us know when they will die and the life expectancy in Zimbabwe is only 58.56 years. Lastly, it is only for people with children. This is also not true because you don’t want the courts deciding who acquires your assets when you decease.
The following are some of the benefits of estate planning:
- Your assets end up with the intended beneficiaries.
- You implement a succession plan for your business therefore empowering and securing the future of the next generation.
- The needs of your loved ones are taken care of when you decease.
- Your children are left in the care of the guardian of your choice.
- Prevents family members from fighting over your estate.
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